Q2 2024 Yelp Inc Earnings Call Transcript
Key Points
- Yelp Inc (YELP) delivered record net revenue of $357 million, a 6% increase year over year, exceeding the high end of their outlook range.
- The services business saw continued momentum with a 11% year-over-year increase in revenue, marking the 13th consecutive quarter of double-digit growth.
- Request to quote project growth accelerated to approximately 35% year-over-year in the second quarter, driven by both organic improvements and paid project acquisition.
- Yelp Inc (YELP) improved net income margin by 6 percentage points and adjusted EBITDA margin by 1 percentage point from the prior year period.
- The company repurchased $63 million worth of shares, demonstrating a commitment to returning capital to shareholders.
- Revenue from the restaurant, retail, and other categories declined by 3% year over year due to a challenging operating environment.
- Overall paying advertising locations decreased by 6% year-over-year to 531,000, offsetting growth in services locations.
- Multi-location revenue remained flat year-over-year, reflecting continued softness in the restaurant, retail, and other categories.
- Yelp Inc (YELP) expects to incur an impairment charge of approximately $4 million in the third quarter related to subleasing a portion of their Toronto office space.
- The company revised its full-year net revenue outlook downward by $12.5 million from the midpoint of their prior range, citing continued RR&O headwinds.
Hello, and welcome to the Q2 2024, for Yelp Inc. earnings conference call. [Operator Instructions] I would now like to turn the conference over to Kate Krieger, Director, Investor Relations. You may begin.
Good afternoon, everyone. And thanks for joining us on Yelp's second quarter 2024 earnings conference call. Joining me today are Yelp's Chief Executive Officer, Jeremy Schwarzbach; and Chief Operating Officer, Jed Nachman. We published a shareholder letter on our Investor Relations website and with the SEC and hope everyone had a chance to read it. We'll provide some brief opening comments and then turn to your questions.
Now I'll read our Safe Harbor statement. We'll make certain statements today that are forward-looking and involve a number of risks and uncertainties that could cause actual results to differ materially. Please note that these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to revise or publicly release the results of any
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